Malaysian palm oilprice recovers from 3-1/2-mth low on bargain buying

Malaysian palm oil closed higher on Friday, reversing earlier losses, as traders squared positions ahead of the weekend and as low stock levels supported the market.

KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday to bounce of a more than three-month low in the afternoon session as bargain hunters shrugged off market expectations of higher supplies and weak demand. 

Benchmark palm oil futures for May on the Bursa Malaysia Derivatives Exchange gained 0.9 percent to 2,809 ringgit ($631) a tonne by the end of the session. The contract had earlier fallen to 2,763 ringgit, its weakest level since Nov. 7.